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Netflix stock soars as it boasts ad-grade growth
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Netflix saw its shares rise nearly 10% on Thursday after the streaming service revealed details of the new ad-support tier this week.
The streaming service says it has 5 million monthly active users for its cheaper, ad-supported option, and 25% of its new subscribers are subscribing to the latest tier.
The update came at Netflix’s first rollout to advertisers on Wednesday, the first time Netflix has participated in the industry’s so-called Upfront presentation.
Netflix launched the ad-based option in late 2022, after quarters of stagnant subscriber growth that sent its stock plunging.
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